EUR/JPY Price Analysis: Provisional support emerges near 159.50

• EUR/JPY rebounds from earlier lows near 160.60 on Thursday.
• A deeper drop should face interim contention at the 55-day SMA.

EUR/JPY now manages to regain some poise and return above the 161.00 barrier following earlier lows near 160.60 on Thursday.

The continuation of the downward bias carries the potential to motivate the cross to break below the 160.00 round level and revisit the transitory 55-day SMA at 159.52.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA at 153.56.

EUR/JPY daily chart